Interest in detached houses over units has also grown, resulting in the highest gap on record between median house and unit prices, of 30.5%.
Analysis from CoreLogic found that capital city house values more than doubled that of units over the same time period - capital city house values rose 14.2 per cent, while capital city unit prices rose 5.6 per cent. These results indicate that as of June 2021, Sydney, Melbourne, Brisbane, Adelaide, and Canberra all delivered on what is in fact the biggest gap between median house and unit values across those states in 15 years.
What does that mean practically speaking? The median capital city house value was $797,287, compared to the median unit value of $611,117 – a more than 30 per cent gap that is in fact the highest recorded. In Sydney and Melbourne, the shift is particularly evident with record high price gaps of 54.2%, and 52.4% respectively and with the shift believed to result from increased social mobility as lockdowns ended in Melbourne and COVID restrictions eased in Sydney towards the end of last year.
The exceptions across the country are Brisbane’s apartment oversupply, which has seen house prices outperform units since 2015; and Hobart and Darwin, where the gap has been trending down between median house and unit values.